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ENEX RESOURCES CORPORATION REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND YEAR ENDED DEC. 31, 1992

 KINGWOOD, Texas, Feb. 16 /PRNewswire/ -- Enex Resources Corporation (NASDAQ: ENEX), a company which acquires and manages producing oil and gas properties and markets oil and gas income programs, today reported financial results for the fourth quarter and year ended Dec. 31, 1992.
 Net income for the fourth quarter was $271,887 or $.21 per primary share, on total revenues of $2,182,130. This compares with net income of $218,722 or $.15 per primary share, on revenues of $2,116,823 for the same period of 1991.
 For the year ended Dec. 31, 1992, net income was $971,640 or $.70 per primary share on total revenues of $7,808,927. This compares with net income of $832,659 or $.58 per primary share on total revenues of $6,542,963. This represents a 21 percent increase in per share net income over 1991.
 Gerald B. Eckley, president of Enex stated, "In 1992 revenues, profits and operating cash flow all improved dramatically. These strong earnings and cash flow enabled Enex to increase its cash dividend to shareholders by 25 percent to $.15 per common share. Shareholders' equity increased by 16 percent to $10.04 per share at Dec. 31, 1992, and net asset value per share rose 24 percent to $12.82.
 "In recent months the market has begun to take notice of our results. Through our public partnership offerings as well as oil and gas acquisitions, joint ventures and private placements we will continue to increase the value of Enex for our shareholders."
 -0- 2/16/93
 /CONTACT: Robert E. Densford, vice president, secretary and treasurer, of Enex Resources Corporation, 713-358-8401/
 (ENEX)


CO: Enex Resources Corporation ST: Texas IN: OIL SU: ERN

KD -- NY055 -- 6871 02/16/93 11:35 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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